Almost half of recruiters anticipate both new and replacement hirings over the next six months, according to the report, with an additional 26% expecting new job creation and a fifth stating they will maintain their current headcount.
The job market in India is expected to see a strong and optimistic hiring trend in the second half of 2023, according to the latest Naukri Hiring Outlook Survey.
The bi-annual survey, conducted among 1200 recruiters and recruitment consultants, indicates that 92% of recruiters expect hiring to occur over the next six months, either in the form of new hires or replacements.
The report does not specify the industry or region the surveyed recruiters are from, but it suggests a broad-based recovery and expansion in hiring, driven particularly by technology and consumer-facing industries.
Sectors such as retail, hospitality, and travel experienced significant growth in job postings, registering jumps of 16% and 15% month-on-month respectively. The IT and IT-functional sectors saw robust hiring, with levels reaching an all-time high, up 52% from pre-COVID levels (June 2019), and a 163% year-on-year growth as of June 2023.
Hiring activity was generally recovering from the COVID-19 impact, with sequential improvements noted through mid-2023.
Recruiters are primarily optimistic about the hiring trends, with 20% planning to maintain their headcount and 26% expecting only new job creation. Nearly 47% of recruiters predict new and replacement hiring.
The survey results also indicate that only 4% of recruiters surveyed foresee layoffs/downsizing in the Jul-Dec'23 period.
When it comes to job roles, Business Development, Marketing, and Operation roles are expected to lead hiring in the coming six months. Mid-experience professionals are expected to remain in demand, followed by entry-level professionals.
However, a significant number of recruiters remain cautious about increments offered by their organizations during the last appraisal cycle. In the last appraisal cycle, 42% of recruiters reported their companies gave less than 10% increment, and 31% reported increments between 10-15%. Only 6% of recruiters surveyed said that more than 30% increments were rolled out in the last appraisal cycle.
The report was published by job platform Naukri, an international franchise of Media. It's important to note that the report does not provide details about the current hiring situation or the number of recruiters surveyed.
[1] Source: Naukri Hiring Outlook Survey for the second half of 2023 in India.
- In the second half of 2023, the business development sector is projected to lead in hiring, according to the Naukri Hiring Outlook Survey.
- The IT industry, particularly IT-functional sectors, has shown robust hiring, with levels reaching an all-time high, up 52% from pre-COVID levels (June 2019), as indicated by the Naukri survey.
- With 47% of recruiters predicting new and replacement hiring, the finance sector, which includes marketing roles, could also witness significant growth in the coming months, as suggested by the Naukri Hiring Outlook Survey.
